GreenBank Subsidiary GreenCoinX Reconstituted as UK Company and Ceases $33,000,000 Private Placement Financing
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Toronto, Ontario (FSCwire) - GreenBank Capital Inc. (CSE:GBC and OTCMKTS:GRNBF) ("GreenBank”) announces that its GreenCoinX subsidiary has been reconstituted as a UK company called GreenCoinX Limited. It is intended that GreenCoinX Limited will seek a public company listing on the London Stock Exchange by the end of 2018.
The previously announced GreenCoinX private placement offering of up to $33,000,000 has ceased and will not be proceeded with. The offering did not identify sufficient investors able to provide the funding which management believes is needed to commence the GreenCoinX marketing campaign. Instead, GreenCoinX Limited will now seek private placement funds from UK and international investors and potential strategic partners. The proceeds of any funds raised by GreenCoinX Limited will be used for marketing expenses, software and hardware expenses, and working capital, all designed to launch the GreenCoinX cryptocurrency and blockchain ecosystem. GreenCoinX Limited intends to focus its initial marketing efforts in the UK, India and Canada.
GreenBank is a Canadian public company (trading symbols CSE:GBC and OTCMKTS:GRNBF). Its 80% subsidiary GreenCoinX Limited, a UK company, has developed the world’s first cryptocurrency and blockchain requiring user identification. GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., raising additional capital and the future development of GreenCoinX. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GreenBank can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and GreenBank disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the content of this press release
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Source: GreenBank Capital Inc. (CSE:GBC)
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